Preheat oven to 350 degrees F and grease a 13x9 inch baking pan with cooking spray or line with parchment paper.
In the bowl of a stand mixer fitted with the paddle attachment, or in a large bowl using an electric mixer, beat the butter and sugar together on medium speed until light and fluffy, about 2 minutes.
Add in the eggs, one at a time, beating well after each addition, and scraping down the sides of the bowl with a rubber spatula as needed. Add in the extracts and mix again.
In a medium bowl, whisk flour, baking soda and baking powder together until well combined.
Rotate between adding the milk and flour mixture in 3 increments to the wet mixture. Make sure the cake batter is combined, but do not over-mix.
Pour the cake batter into the prepared cake pan. Bake for 30-35 minutes or until a tooth pick inserted comes out clean and the tops are a light golden brown. Let the cake cool on a cooling rack for about 15 minutes. Carefully run a butter knife along the edge of the cake pan and carefully flip it over on a cooling rack to cool for another 10-15 minutes or until cooled completely.